Botulinum Toxin Market Size, Share & COVID-19 Impact Analysis, By Application {Therapeutic (Chronic Migraine, Spasticity, Overactive Bladder, Cervical Dystonia, Blepharospasm, Others) and Aesthetics}; By Type (Botulinum Toxin A and Botulinum Toxin B); By End User (Specialty & Dermatology Clinics, Hospitals & Clinics, and Others); and Regional Forecast, 2020-2027

The global botulinum toxin market size was USD 4.83 billion in 2019 and is projected to reach USD 7.71 billion by 2027, exhibiting a CAGR of 7.5% during the forecast period.

The surge in demand for cosmetic non-invasive surgical procedures, new product launches, increasing affordability, and amendments in reimbursement policies to cover botulinum injections are the major factors fueling the market growth. Leading players in this market are focusing on constant innovation and up-gradation of their product portfolio for better aesthetic and improved therapeutic outcomes for the patients. Moreover, the increasing importance of aesthetic beauty, further driven by increasing therapeutic applications of these toxins for critical and chronic diseases, is likely to drive the market growth during the forecast period. According to the American Academy of Facial Plastic and Reconstructive Surgery (AAFPRS)'s annual survey, four-fifths of all treatments performed by facial surgeons in the U.S. in 2018 were cosmetic, no surgical procedures with botox and fillers. The increased demand for this protein is also primarily driven by expanded safety profiles and the relative longevity of the product offerings.

Lockdown-induced Closures to Inhibit Demand for Elective Procedures

The impact of COVID-19 is clearly visible in the healthcare sector as it is at the epicenter of this unprecedented global pandemic challenge. The COVID-19 pandemic has negatively affected the sales of botulinum toxin products across the globe due to reduced demand in both therapeutic and aesthetic applications. Strictly imposed lockdowns, ban on elective procedures, and disruptions in the supply chain are the major identifiable factors responsible for the reduced demand. However, some of the therapeutic indications where stopping treatment would result in the need for urgent critical care or accessing emergency departments have been treated with this protein. Hence, the demand for this toxin for the treatment of critical conditions has continued.

Major players in the market reported a decline in the revenue from neurotoxin preparations in the second quarter of the financial year. Allergan, a strong player in this market, for example, recorded a decrease of 43.1% and 22.3% in revenue compared to last year’s same quarter, for Botox Cosmetic and Botox Therapeutic, respectively. Other companies such as Revance Therapeutics, Inc. and IPSEN Pharma have also reported a decline in revenues of botulinum toxin products in Q2 owing to the closure of treatment centers.

LATEST TRENDS

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Increasing R&D Initiatives and Growing Number of Therapeutic and Aesthetic Indications to Drive Growth

Botox has several therapeutic and aesthetic indications, and this dual applicability in terms of indications is anticipated to drive the market growth. Its application in treating several critical and chronic diseases such as chronic migraine, spasticity, and cervical dystonia is anticipated to contribute to the positive market growth. In terms of therapeutics, this toxin is estimated to have hundreds of potential indications and currently, more than 100 therapeutic uses of these toxin are reimbursed by healthcare providers. According to the American Society of Plastic Surgeons (ASPS), in 2018, an estimated 7,437,378 toxin type A injection procedures were undertaken in the United States. More aesthetic indications of this protein, apart from moderate and severe glabellar lines, are in the pipeline to be tested for regulatory approvals in the upcoming years.

DRIVING FACTORS

Surge in the Demand for Non-invasive Cosmetic Procedures to Boost Market Expansion

The demand for cosmetic surgeries and minimally invasive or non-invasive procedures has increased tremendously over the past decade. People are seeking easy, pain-free methods to appear youthful and healthy without the problems of invasive cosmetic surgery. For instance, according to the American Society of Plastic Surgeons, the number of minimally invasive cosmetic procedures has grown nearly 200% since 2000, with no indication of slowing down. The surge in the demand for this technique has also led to a significant impact on the suppliers of dermatological preparations and other non-invasive technologies. Various pharmaceutical companies involved in this field are increasingly launching products to meet the growing demand. For example, in June 2019, Huons Global, a South Korean company, announced the launch of Liztox, a botulinum neurotoxin in Korea for the treatment of moderate to severe glabellar wrinkles.

RESTRAINING FACTORS

High Cost and Potential Side Effects of Botox to Hinder Market Growth

Despite various therapeutic and aesthetic applications of botulinum toxin, various side effects of this protein are projected to hamper the global market growth in the upcoming years. The high cost of botox is one of the major restraints declining the growth of this market. In addition to this, the harmful effects caused by the use of these toxin injections are another major factor hindering the growth of the market. The possible adverse effects include pain, swelling or bruising at the injection site, headache or flu-like symptoms, droopy eyelid or cockeyed eyebrows, crooked smile or drooling, and eye dryness or excessive tearing.

SEGMENTATION

By Application Analysis

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Increasing Number of Clinical Trials to Expand Therapeutic Applications to Drive Segmental Growth

On the basis of application, the market segments include therapeutics (chronic migraine, spasticity, overactive bladder, cervical dystonia, blepharospasm, and others), and aesthetics. The therapeutic applications segment held the dominating share in 2019, attributable to the heavy investments for extensive research and development of therapeutic products and its expanding applications in various disease categories. The growing importance of looking beautiful due to increasing penetration of social media and the internet has resulted in increased demand for non-invasive procedures for cosmetic applications which is likely to drive the cosmetic application segment growth.

By Type Analysis

Botulinum Toxin A to Dominate Backed by a Large Number of Product Approvals

Based on type, the market is categorized into toxin A and toxin B. Among them, the toxin A segment held a dominating share in 2019. The dominance of the segment is attributable to a large number of products available in the market with therapeutic and aesthetic applications. Moreover, toxin type A injection is the most common cosmetic procedure performed globally. Surveys from core aesthetic specialty organizations consistently rank it first on the list of member-reported, nonsurgical aesthetic procedures.

By End User Analysis

On the basis of end user, the market segments include specialty & dermatology clinics, hospitals & clinics, and others. Among them, the specialty and dermatology clinics segment accounted for the highest botulinum toxin market share. A higher number of non-invasive cosmetic procedures is conducted in specialty and dermatological clinics compared to regular hospitals. This is the major factor for the growth of this segment. Furthermore, the rising prevalence of chronic diseases and aesthetic problems such as frown lines, glabellar lines, and crow’s feet is expected to favor the expansion of the segment.

REGIONAL INSIGHTS

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Geographically, the market in North America dominated the botulinum toxin market with a size of USD 3.19 billion in 2019 owing to the highly aware and economically stable population along with a comparatively higher number of procedures performed in the region. For example, according to the American Society of Plastic Surgeons, in 2018, about 15.9 million cosmetic minimally-invasive procedures were performed in the U.S. Growing number of non-invasive cosmetic procedures and increasing new product approvals for wide therapeutic indications are poised to drive the market growth during the forecast period.

Europe captured the second-largest share of the market, attributable to the increasing preference among individuals for undergoing Botox surgeries in key European countries and rising expenditure on research and development in Europe.  

The Asia Pacific region is poised to witness a higher demand for non-invasive aesthetic procedures due to increasing per capita disposable income.

In Latin America, the number of botulinum injection procedures is estimated to be high, especially in Brazil, and in the Middle East & Africa, the number of botulinum injection procedures are estimated to increase. Increasing per capita spending on healthcare, growing health and beauty standards, medical tourism in Brazil, Mexico, and other emerging economies of Latin America, and the growing penetration of players in these regions are likely to boost revenue growth.

KEY INDUSTRY PLAYERS

ALLERGAN and Ipsen Pharma to Lead the Global Market with Strong Product Offerings and Global Reach

The current global market for this toxin is consolidated owing to the strong portfolio and diverse product offerings by major players. Allergan (AbbVie), Ipsen Pharma, and Merz Pharma are among the leading players in this market. A well-established brand presence and a strong distribution channel have been instrumental in the success of these players in the market. Other market players include Medytox, US WorldMeds, LLC (Solstice Neurosciences, LLC), Galderma laboratories, Lanzhou Institute of Biological Products Co., Ltd., and Revance Therapeutics, Inc.

LIST OF KEY COMPANIES PROFILED:

• Allergan (Dublin, Ireland)


• Merz Pharma (Frankfurt, Germany)


• Medytox (Cheongju-si, South Korea)


• USWM, LLC. (Kentucky, U.S.)


• Galderma (Lausanne, Switzerland)


• Lanzhou Institute of Biological Products Co., Ltd. (Gansu, China)


• HUGEL, Inc. (Seoul, Republic of Korea)


• Revance Therapeutics, Inc. (California, U.S.)

KEY INDUSTRY DEVELOPMENTS:

• February 2021 – Sihuan Pharmaceutical Holdings Group Ltd. announced that Letybo 50U, an exclusive botulinum toxin product of the corporate, has been approved for launch within the market by the National Medical Products Administration of the People's Republic of China. Letybo was developed by Hugel and commanded the leading market share among the botulinum toxin products in Korea.


• April 2021 - Aquavit Holdings announced that the company had received a license to register, market, and commercialize a botulinum toxin (DTX-021) within the United States and Canada. The company has been investing in its proprietary delivery technologies for botulinum toxin.


• June 2021 - Allergan Aesthetics announced the launch of See Yourself, a new campaign featuring documentary-style content series of BOTOX Cosmetic patients. BOTOX Cosmetic is the first brand to focus on the unique journeys of its consumers and through this campaign company aimed at connecting people with the brand and make greater transparency.


• July 2020 - Allergan announced that the company had got the approval for a supplemental Biologics License Application (sBLA) from the U.S. Food and Drug Administration (FDA) that supports increased use of BOTOX (onabotulinumtoxinA) label for the treatment of spasticity in pediatric patients of aged two years and above.

REPORT COVERAGE

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The botulinum toxin market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, applications, types of products, and end users. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the advanced market in recent years.

Report Scope & Segmentation